Atlas hospitals to bail out Ramachandran?

Its investments in the healthcare sector could come to its rescue if everything goes according to Atlas Group’s bailout plan.

Atlas Group has decided to sell the two healthcare facilities in Oman as well as its stake in the GCC gold business, sources have revealed. Assets in India are currently not on sale.

Atlas Health was formed in 2004.

The group has already started discussions with investor groups and two healthcare operators in this regard.

Although the group believes that its two healthcare facilities are worth up to Dh600 million, it remains to be seen how much the assets will finally fetch.

Rumours are that investors are bargaining hard, especially following the news of Ramachandran’s police custody.

Atlas has also decided to sell its stake in all GCC outlets – in Saudi Arabia, Oman, Qatar and Kuwait and Bahrain.

According to its website, there are about 18 outlets across the GCC excluding the UAE. In the UAE, it has about 20 outlets including 12 across Dubai. However, not all outlets in the UAE are fully operational.

Many outlets in Dubai have run out of gold and are selling only diamond jewellery.

Read: Several Atlas stores run out of gold; staff expect August salaries on time

The gold and jewellery retailer has allegedly defaulted on loans worth about Dh500 million. Dubai Police had earlier said that the police complaints were lodged for bad cheques worth Dh53 million.

It was later revealed that that group owes another Dh30 million to its gold suppliers.

Sources in the know told this website that the group owes five bullion suppliers Dh15.3m, while jewellery suppliers are owed another Dh14.5m. This includes about 25kg gold.

Meanwhile, efforts to resolve the crisis are ongoing on several fronts. Sources say that a UAE-based financial consultancy with its offices in Garhoud has been appointed to negotiate with the lenders on the group’s behalf.

Although the consultancy refused to comment on the issue, sources have confirmed that the information is confidential and that the group has been appointed to facilitate the execution of various action plans.

Ramachandran has already gone on record to say that all existing dues will be paid back no matter what it takes.